Why Are Currencies Called Different Things?

Introduction

The names of currencies can often seem arbitrary, yet many have deep historical roots. Some currencies derive their names from units of weight, reflecting the early economic systems and practices that shaped global trade. This article delves into the fascinating history behind why so many currencies are named after units of weight, highlighting why certain terms are used.

Currencies Named After Units of Weight

Many countries name their currency after a unit of weight due to historical and economic reasons. Here, we explore several examples of such currencies:

Pound

Britain, Ireland, and other nations call their currency 'pound' which comes from the Latin libra meaning 'weight'. Other countries with currencies named 'pound' include Germanic regions and Finland.

Mark

Germany's currency used to be the 'Mark'. The crown in Britain is also connected to the 'mark' as it represented a unit of weight.

Lira, Peso, and Other Weights

The lira in Italy and Turkey is derived from the Latin word 'libra' meaning 'pound'. The peso literally means 'weight' and is used in various Latin American countries.

Other Historical Influences

Some currencies derive their names from other sources, such as symbols of authority, precious metals, and fur used for trade:

Scudo and Corona

Scudo in Italy, ecu in France, and escudo in Portuguese are all related to symbols of authority. The krona in Sweden, Denmark, and Norway reflects the Latin 'corona' meaning 'crown'.

Gold and Silver

A gold coin from Florence influenced the naming of the forint in Hungary. The dollar is derived from a Flemish or Low German word.

Currencies Named After Other Countries

Some countries have named their currency after another country's currency to signify political or economic ties:

Dinar

Countries like Jordan, Algeria, Serbia, Kuwait, and others use the dinar, named after the Roman denarius.

Conclusion

The naming of currencies is a fascinating subject that reveals much about the economic and cultural histories of different regions. Understanding the origins of these terms provides insight into global trade and monetary systems that have shaped today's world. As we continue to explore and evolve our economic practices, the legacy of these historical names remains an intriguing part of our cultural heritage.